Moody's downgrades Sabre

Moody's Investors Service said it downgraded Sabre Holdings Corp.’s corporate family rating and probability of default rating one notch to B3 from B2, and B3-PD from B2-PD, respectively.

The senior secured credit facilities and senior secured notes at Sabre's wholly owned subsidiary, Sabre GLBL Inc., were also downgraded one notch to B3 from B2. The speculative grade liquidity rating remains unchanged at SGL-2.

The outlook is stable.

The company plans to raise a new $665 million senior secured term loan facility due 2028 at Sabre Financial Borrower, LLC, a newly created bankruptcy-remote special purpose vehicle and wholly owned subsidiary of Sabre GLBL. Centerbridge Credit CS, LP (along with its affiliates) will lead the financing with up to $515 million. Opps Sabre Holdings, LP (Oaktree), Oak Hill Advisors, LP, on behalf of certain investment funds and separate accounts that it manages (Oak Hill) and JPMorgan Chase Bank, NA will provide the remaining funds.

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